Unemployment Applications Plummet

New Claims For Jobless Benefits Drop Lower Than Economists Had Predicted

(AP)  The number of newly laid off U.S. workers seeking unemployment benefits dropped much more than expected last week.

The Labor Department reported Thursday that applications for unemployment benefits fell to 365,000, a decline of 18,000 from the previous week. Economists had been looking for a much smaller decrease of around 5,000.

Weekly jobless claims have been exceptionally volatile in recent weeks because of strike-related layoffs in the auto industry and an unusually early Easter, which has played havoc with the government's seasonal adjustment measurements.

Many economists believe that a prolonged housing slump and severe credit crisis have pushed the economy into a recession. For that reason, they believe job layoffs will rise in coming months as the unemployment rate climbs higher.

Ian Shepherdson, chief U.S. economist for High Frequency Economics, said that even with the improvement this week, claims are now at a level equal to where they were at the start of the last recession in March 2001. He predicted that layoffs would increase further in coming months.

However, many economists believe that job losses will be less severe than in previous recessions because they are expecting this downturn to be relatively mild and brief. The Bush administration is counting on 130 million economic stimulus payments to boost consumer spending and trigger a rebound in growth starting this summer.

The Labor Department reported last week that employers cut jobs for a fourth straight month, often a sign of a recession, but the job loss of 20,000 was much smaller than had been expected and was well below the 81,000 jobs lost in March.

In other economic news, consumers gave retailers some relief in April after a long stretch of dismal sales. Early reports from big U.S. chain stores showed customers bought the basics at discounters and wholesale clubs, putting Wal-Mart Stores Inc. and Costco Wholesale Corp. among the top performers last month.

Analysts predicted that the flood of rebate checks will boost sales in coming months, helping to offset soaring gasoline prices and falling home values.

The report on jobless claims showed that the total number of laid off workers receiving benefits dipped slightly to 3.02 million for the week ending April 26 but remained above the 3 million-mark for the second straight week.

For the week ending April 26, 32 states and territories had a drop in initial claims while 21 had increases.

[jackp32]

All of the politicians massage the numbers so that the idiot voters will reelect them back into power. They know that the voters are stupid and they can be easily fooled by corrupt acts. That''s the way it goes people.

[atlanta30326]

This administration keeps lying and skewing numbers to make things look not nearly as bad as they are...just like WMD. You can take those numbers and spin them in any direction you want, but call a spade a spade. Kvsgrl is right on it when she said "it doesn''t take into account the people who have drawn ALL their unemployment and fall off the roll". So those numbers fall off the total number of unemployed, how else can the count them? Oh sure, there are always sure fire ways of getting a "good" job, like move, or better your education. Try selling your house now and see if it will even cover what you owe, better yet, see if you could even qualify for a loan as tight as the banks are now. The only good news is that as of January 20th. 2009, the unemployment numbers will go up by two!

[baicas]

MCV57...FYI I do have a degree, and I was commenting on the fact that if you want a job, and have no money coming in, you should take what is available, even if it''s a minimum wage job. A person can use that job to look for a better position, even if they have to work two jobs to make ends meet, at least it shows they are trying.

Before you get back on your high horse, let me tell you, I busted my butt to get through school, while in my last year I found myself homeless and lived in my car for awile. No family members were able to help me, but I continued working my part-time minimum wage job, and went to school. I did graduate. I continued working minimum wage jobs until I found a decent paying job in my field. Yes, I worked three jobs at one time, but if you are willing to take care of "yourself", you will do what it takes to make it.

[ov442]

Sweet! only 365,000 people lost their jobs and applied for unemployment. Thats wonderful. Lets go out and celebrate by spending our savings at Chucky Cheese!
Or how about that stock market??? The dow should SkYrocKet now that only 365,000 people lost jobs.... good news for wall street!
Another year of million dollar bonuses for closing down companies that laid off thousands of workers making about 45k/yr. whooopeee!

[idnnsg]

jamesm12341 claims, "plenty of good paying jobs out there ...of course you have to be educated and qualified for them...that is where you libs problems come in."

That is simply NOT true. I have multiple college degrees, so I am quite well "educated and qualified" but there are NO good jobs available where I live, and I can''t sell my house to move elsewhere because the housing market stinks because of all the foreclosures.

BTW, the research has verified that the average "lib" is better educated than the average "repug", so you might as well give up your meaningless snubs.

[walt1944-2009]

The "Bushie" Labor Department has reported that unemployment claims have dropped lower than expected.

Citing this as news that the recession/depression that he believes never really happened is over, the Great Emperor Bush has dusted off his "MISSION ACCOMPLISHED" banner and is hanging it over the front door of the White House. Naturally, he doesn''t really care if the citizens of the USSA believe it, just so long as HE believes it!

And because the Great Emperor Bush II believes it, he can now happily veto the homeowner "rescue" bill passed by the evil Whimpo-crats in Congress and claim that there is no need to "rescue" homeowners from anything, when the money should go to "SUPPORT THE TROOPS" in the Emperor''s constant unending wars!

SIG HEIL, BUSH!!!!
sig heil, DEFINITELY MORE OF THE SAME, McCain!!!

[kevzgrl]

And those of you who keep on about going to college and getting more education, tell me, how are people supposed to afford it??? Even the community college here in town is out of reach for many, not counting the books and lab fees and all the other costs associated with it. Do you suggest they try to get a LOAN to pay for it (try that in this economy) and then TRY to find work that uses their degree when they get out? What are they supposed to live on while they are in school? What are they going to do when they cannot find work and those loan payments become due? Any suggestions? Anyone?

BTW : "qualified for more than a minimum wage job...that is yours and yours alone...if that is all you qualify for that is your problem " posted by jamesm12341

james, your compassion for people at the bottom of the economic chain really underwhelms me - you should try living down there for a bit and see how hard it is, walking in those shoes.

[kevzgrl]

"Unemployment Applications Plummet
New Claims For Jobless Benefits Drop Lower Than Economists Had Predicted"

I work for the Unemployment Office in Ohio - don''t you believe this!!! Our rate is not bad on paper, but it doesn''t take into account the people who have drawn ALL their unemployment and fall off the rolls, the people who can''t get food stamps or some other form of assistance because their spouse or parents income is just a little too high, the underemployed, the ones who only worked part-time jobs and are not eligible because they didn''t make enough money (have to make at least $206 per week to even BEGIN to qualify for unemployment). Every time a new company opens in my hometown (Zanesville), 2000-3000 people show up to apply for 150 jobs - Avon is opening a new distribution facility here this fall, and I can GUARANTEE that there will be the above numbers vying for the 130-140 jobs it will entail. Two fo our largest employers in this area are getting ready for MAJOR layoffs (Longaberger and Lear) So, could someone explain to me how things are getting better, please?
One of the hardest parts of my job the last year has been telling people that they have drawn all the money out on their claim and there are no extensions and nothing else I can do for them - to hear, over and over again, "I have been applying and looking everywhere, and I can''t find a job of any kind"
They spin these dam-ned numbers any way they want - I see and hear the TRUE picture every day.

[truthyness]

BLACK LIBERATION THEOLOGY.........

What is the Democratic Leadership thinking of

and why are they throwing this election???

[nonayabiness]

Umm...another Bush mandated spin to make us think things are better than they are before he leaves office? If so many people are employed, why the heck are record forclosures taking place?

This could be right up there with WMDs. Just a farce to pull the wool over our eyes.